Australia’s National Economy Returning to Pre-Pandemic Levels by 2024: Report

According to a new report commissioned by the City of Melbourne, Melbourne’s CBD economy will take four years to return to pre-pandemic levels.

But analysis (pdfAccording to Deloitte Access Economics, which was completed in May 2021, the fourth blockade of Melbourne in June 2021 or the subsequent national blockade was not considered.

This is in the midst of economic projections that Sydney’s blockade will have a greater impact on the national economy than Melbourne when it enters the third week of its blockade.

According to Deloitte’s report, Victoria has suffered the most pandemics in all Australian states and territories to date, with CBD’s Gross Domestic Product (GRP) alone rising from $ 74 billion to $ 35.4 billion in 2020. It has decreased by 53%.

One of the main causes was the telecommuting arrangements that survived the relaxation of restrictions.

The weekly travel level on June 28 remains at 80%, and foot traffic has been reported to be protracted. Australian Financial Review..

Also, at the peak of the pandemic, less than 30% of CBD workers worked in the city, or less than 100,000, while the remaining 200,000 worked in remote areas. This has had a significant impact on CBD employment and economic activity.

Melbourne also has the highest proportion of professional office-based workers compared to other capitals, 44% nationwide, compared to 76% in Melbourne, the impact of the long-term economic impact of a pandemic. It is easy to receive.

“Most of the workforce commute to the city from elsewhere, so when you’re not in the city, CBD misses the activities and spending of city workers, such as city transportation, food, and entertainment. Report status.

By the end of 2021, an estimated 189,100 workers will return to the city, but by 2025 only 332,600 will return, 20,000 less than pre-pandemic levels. the current, Office capacity is up to 75%, or 30 people, whichever is greater.

Melbourne Mayor Sally Capp said he was prioritizing the recovery of the CBD economy.

“Many Melbourne companies are experiencing the toughest trading conditions in their living memories and need our continued support to recover and prosper again,” Cap said. ..

“A strong economy means that Melbourne will continue to have a growing financial and technology industry, a vibrant culture and hospitality industry, and everything else that makes our city so wonderful.”

Deloitte predicts that Melbourne’s CBD economy will grow 16.9% ($ 5.9 billion) to $ 41 billion by the end of 2021.

According to Deloitte, Sydney will take four years to return to pre-pandemic levels, and Brisbane and Perth will return to 2019 levels by the end of 2023. Adelaide’s recovery is projected to return to its 2026 state.

Melbourne’s CBD is expected to recover, but the Australian Bureau of Statistics (ABS) last month revealed that Victoria has lost 30,700 people since March 2020 due to interstate migration.

by Regional Australia InstituteThe pandemic also “increases the desire” for Melvanians to move to the local community, with one in five metropolis residents wanting to move.

AAP contributed to this report.

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